It sounds like you’re working on an investment strategy as of now and you’ll start to narrow in on your focus as you continue to gain insight and knowledge.If you’re looking to invest in a foreign market, having a trusted agent and property manager is crucial as is their network of trusted contractors and third-party vendors.

You'll develop some as you gain more experience, but I'd say you have a good starting point.

Your post lacks important information such as your location, typical local cap rates, , expected cap ex based on condition and what your anticipated value gain may be.

After a year or two when you move out and are getting at least $1200/month on that unit as well then you will be cash flowing nicely and will have gained a ton of experience in being a landlord and remodeling a unit.

What portion of the $500k is capital gain (or exempt from gains if this was your personal residence)?

Although I have been learning and gaining more insight for the past year. 

You keep referring to the "equity netted", but you could have gained equity as well on another asset that cashflowed better. 

Probably to save on capital gains taxes. 

Since everybody knows, the best way to gain experience is by doing nothing.

1) Be forced to start investing in small deals that will earn me negligible monthly cashflow to gain "experience" in the eyes of commercial lenders2) Continue to sack away capital year after year until I have cash reserves that will allow me to obtain a commercial loanI have heard some people say that they found co-signers on the loan who have high net worth but the last thing I want to do is approach family or friends with this when so many of them are also young professionals with little net worth or are highly leveraged and busy business owners.